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Whilst Shell has divested its ownership interest in Woodside, the Anglo-Dutch company will continue to maintain a relationship with Woodside as a joint venture partner in the North West Shelf venture and the Browse LNG venture.

A total of 111.8 mln shares were agreed to be sold, representing 13.28% of the issued share capital of Woodside. The announcements came after the close of trade on the Australian bourse, where Woodside ended 1 percent lower at A$32.24 a share. The sale increase was a result of the "strong demand" from institutional investors, Shell said. Shell sold a 10% stake in Woodside in November 2010 and a further 9.5% stake in June 2014.

Watching some historical volatility numbers on shares of Woodside Petroleum Ltd (ASX:WPL), we can see that the 12 month volatility is presently 16.3779.

In January, the firm announced plans of sell its stake in the Bongkot gas field in Thailand for $900m to Kuwait Foreign Petroleum Exploration Company, but the deal folded after negotiations with Bangkok took too long.

Shell's CFO, Jessica Uhl, said "This sale is another step towards the completion of our three-year $30-billion divestment program, which is an important part of our strategy to reshape Shell, to deliver a world class investment case, and to strengthen our financial framework".

Shell said today that proceeds from its sale of Woodside shares will be used to reduce the group's net debt. Shell was blocked from taking over Woodside by then Treasurer, Peter Costello in a bid worth $US5.1 billion.

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